Mining Sector Continues To Grow As Cleanspark Has Acquired A Mining Facility

CleanSpark has announced that it has recently signed an agreement with Mawson’s Bitcoin mining facility. The cryptocurrency mining firm has announced that the deal they have agreed upon is worth multi-millions.

CleanSpark’s $30 Million Deal

CleanSpark officials have confirmed that they have formed a $30 million agreement with Mawson’s Bitcoin mining facility. The particular facility is based in Sandersville, Georgia.

For CleanSpark, the significance of the deal is to increase their hash rate for mining cryptocurrencies. As the year 2022 began, the cryptocurrency sector has been experiencing the worst time ever.

The valuation of the cryptocurrency market has lost more than $2 trillion in such a short amount of time. However, the cryptocurrency mining business seems to be thriving given the recent circumstances.

Companies such as CleanSpark have been building strong empires for mining cryptocurrencies. This is extremely promising for such firms as they are able to acquire more mining facilities because of lowered rates.

CleanSpark Determined to Increase Mining Power

With the acquisition of the mining facility in Georgia, CleanSpark is confident that it will have a strong hash rate by the end of next month.

According to officials at CleanSpark, Mawson’s Bitcoin mining facility would add 1.4 (EH/s). CleanSpark officials want to increase their mining power to 7.0 EH/s. They have communicated that they aim to increase their mining power to 7.0 EH/s by the end of 2023.

Acquisition of ASICs

The agreement terms reveal that CleanSpark will be acquiring ASICs to increase the hash rate. CleanSpark is to acquire 6,468 last-generation ASICs for mining purposes.

The total valuation of the ASICs CleanSpark aims to acquire would be $9.5 million. These machines are already operational at the particular facility.

As CleanSpark acquires these mining rigs, they will add another 558 PH/s for mining cryptocurrencies.

Overall Deal Would be worth $42.5 Million

In total, the deal translates to $42.5 million, and they will be paid in the form of stocks and earn-out commitments. CleanSpark will be making a payment of up to $11 million through its stocks.

The overall capacity of the Georgia facility to support the ASICs is tremendous. It can reportedly accommodate a total of 24,108 ASICs.

According to CleanSpark officials, they want to increase their mining capacity at the facility to a much higher level. They have set the target of 70,000 ASICs at the facility.

CleanSpark is aiming to become one of the largest cryptocurrency mining companies in the entire world. By increasing its Bitcoin mining power, CleanSpark will definitely increase the demand for Bitcoin in the market.

At the time of writing, Bitcoin’s price is $21,590.37 and it has experienced a 9.53% surge in the past 7-days followed by a 1.36% surge in the past 24 hours.

By Brandon Craig
No widgets found. Go to Widget page and add the widget in Offcanvas Sidebar Widget Area.